Thursday, November 17, 2011

Ta Ann records US$386,000 loss from China venture

KUALA LUMPUR (Nov 17): TA ANN HOLDINGS BHD [] recorded a loss of US$386,000 from its venture in China where the original investment was US$4 million.

The timber-based company said on Thursday that it had repatriated the proceeds from the land sale from China to Malaysia while the machinery had been shipped back and installed at the Sibu plywood mill.

'Comparing the original investment of US$4 million in the China project with the amount of US dollar proceeds and the value of machinery repatriated, there was a loss of US$386,000 in the China project,' it said.

Ta Ann also said it had received the China government's approval to wind up the subsidiary, Ta Ann Eco-Timber Industries Pty Ltd on Nov 14.

'Winding-up of Ta Ann Eco-Timber Industries is thus complete and Ta Ann Eco-Timber Industries ceases to be a subsidiary of the company,' it said.

Shares of Ta Ann fell three sen to RM4.73 at midday but trading volume was thin with 16,300 shares done.

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